Loading
TAMPA — Former Hillsborough County resident Brendan Bolger has been sentenced to two years in federal prison for his role in what prosecutors call a kickback scheme involving a failed condo conversion project.
Bolger, 41, of Chicago, pleaded guilty Aug. 20 to conspiracy to commit bank, wire and mail fraud. U.S. District Judge Steven Merryday also entered a forfeiture judgment against Bolger for $13,641,197, which represents the fraud perpetrated on mortgage lenders, according to a statement from the U.S. Attorney's Office.
The charges against Bolger stem from a long-running investigation by the FBI and the Federal Housing Finance Agency-Office of Inspector General involving condo sales at The Arbors, an apartment complex in Hillsborough County.
Bolger, authorities say, added various buyers' incentives to purchase contracts to help entice people to buy units at The Arbors. The incentives included rental supplements, money to defray maintenance costs and a design credit to upgrade the units' amenities. A buyer would then cancel the design credit, and Bolger would pay them a kickback in an amount equal to the design credit through a co-conspirator, authorities allege. The buyer would then use that cash to pay closing costs. These financing arrangements were not disclosed on loan applications to banks and other financial institutions.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
